Morning Read: Tech Funds Ready to Ride Apple Lower

By Brendan Conway

Market check: If you’ve been waiting to shop for a fund in the technology sector, today’s looking like a good day to buy. In sympathy with Apple’s (AAPL) nine percent premarket slide, Nasdaq 100 futures are down 1.3% as 8 a.m. ET approaches. The teach-heavy PowerShares QQQ (QQQ), which weights the iPad maker’s stock at about 15% these days, is down 1.1% before the open, while the tech-only Technology Select Sector SPDR Fund (XLK) is down 1.6%.

Fund watch:Read here for our list of mutual funds that invested heavily in Apple as of the latest portfolio disclosure, including Matthew 25 (MXXVX), 17% Apple, and Janus Forty A (JDCAX), 13%. If you’ve been thinking about putting your money into these funds, you’d be right to think that the cost should be somewhat smaller starting today.

In the news: Neel Kashkari, former master of the Troubled Asset Relief Program at the Treasury Department, announces plans to leave bond powerhouse Pacific Investment Management Co. to pursue elected office as a Republican. As David Wessel and Kirsten Grind of the Wall Street Journal reported last night: “Mr. Kashkari, 39 years old, didn’t specify which political office he is eyeing. But with no contests for U.S. Senate seats from California until Democratic Sen. Barbara Boxer’s term expires in 2016, the next high-profile statewide race will be the governor’s post. Gov. Jerry Brown, 74, a Democrat, hasn’t said whether he plans to run again in 2014; a spokesman for the governor reiterated that Mr. Brown hasn’t made any ‘pronouncements’ on that.”

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There are 4 comments

JANUARY 24, 2013 8:07 A.M.

Peter wrote:

Apple had better results than Google, IBM and Netflix and look what happened. All BULL and when Cook announced a dividend to accomodate the funds that were so called " Value Funds" they turned around and stuck it up his as_. Dividends are equal to death.

JANUARY 24, 2013 8:10 A.M.

Ed wrote:

Netflix up 40% last n ight and they made what 20 cents? Nothing but a scam by Wall Street to make billions on a stock they could control. There is no manipulation on Wall Street right?

JANUARY 24, 2013 9:14 A.M.

Ed wrote:

Sad If you changed the name to Amazon, Netflix, Google or Facebook and reported those results, stock would be up 25% right now.

JANUARY 24, 2013 9:14 A.M.

DK wrote:

Let me guess those Nokia numbers will be rewarded by the street!?!? Give me a break.

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As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.

Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.